Risks of financial exclusion among the elderly: empirical evidence from the Republic of Moldova

Abstract

Combating extreme poverty and promoting financial inclusion are essential priorities for sustainable development, especially in emerging economies. The Republic of Moldova faces high levels of poverty, particularly among the elderly population, which requires targeted measures to reduce financial vulnerability. This study investigates the degree of financial inclusion of older people in the Republic of Moldova, identifying barriers that limit access to financial services and assessing the influence of socio demographic factors through a logistic regression model. The results highlight that education level and income are the most important determinants of financial inclusion. Based on the empirical findings, the research proposes recommendations for the development of a national financial inclusion strategy, the development of financial products adapted to the needs of seniors, and the promotion of financial and digital literacy. The study contributes to the literature on financial exclusion and provides practical directions for inclusive public policies in the demographic and economic context of the Republic of Moldova.